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Nigeria Economic Reforms 2018 – CBN, IMF & FMDA Harp the Major Players

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Nigeria Economic Reforms 2018 - CBN, IMF & FMDA Harp the Major Players

The Central Bank of Nigeria (CBN), International Monetary Fund (IMF), and Financial Market Dealers Association (FMDA), were unanimous in calling for a rule-based financial system, compliance and support for the nation’s economy to ensure overall stability. – Nigeria Economic Reforms 2018

Report By: By Chijioke Nelson (The Guardian)

Nigeria Economic Reforms 2018 - CBN, IMF & FMDA Harp the Major Players

CAPTION: Nigeria Economic Reforms 2018 – CBN, IMF & FMDA Harp the Major Players. SOURCE: ADB

CBN Governor, Godwin Emefiele, said the adoption of risk-focused and rule-based regulatory framework; zero tolerance in regulatory framework for data/information rendition/reporting and infractions and strict enforcement of corporate governance principles in the banking sector have helped to stabilise the industry.The bank chief said this at the 2018 Financial Markets Conference organised by the FMDA in Lagos, with the theme: “The Nigerian Financial Market – A Catalyst for Sustainable Economic-Growth.” – Nigeria Economic Reforms 2018

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Emefiele said expeditious process for rendition of returns by banks and other financial institutions through e-FASS application software, revision and updating of relevant laws for effective corporate governance and ensuring greater transparency and accountability in the implementation of banking laws and regulation have also boosted confidence in the sector.

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Represented by a CBN executive, Mrs. Olatoun Akinola, he identified some key developments that contributed to the strengthening of the financial market to moderate illiquidity after the global financial crisis, like the establishment of Asset Management Corporation of Nigeria in 2010, was to soak the toxic assets of banks.He also said the “Alpha Project Initiative”, which brought about the “new banking model” structure that replaced the hitherto one-size-fits-all model, resulted to the emergence of international banks, national banks, regional banks, and specialised banks.He noted that Nigerian banks are now ranked amongst key players in the global financial landscape, with some of them featuring amongst the First 20 banks in Africa, and among Top 1000 banks globally.

“I want to say that the Nigerian capital market is not left out in terms of reforms to enhance market performance. Take for instance, since the aftermath of the effect of the global financial crisis on the capital market, the apex regulator in the capital market has stepped-up its surveillance activities and initiated different programmes.

“The 10-year capital market master plan initiated by the Securities and Exchange Commission (SEC) is the current overarching capital market development and reform plan covering the overall capital market, non-interest financial products and capital market literacy,” he said.But the IMF Country chief, Amine Mati, attested that the convergence in Nigeria’s exchange rates has been ongoing, adding that while tight monetary policy is welcome, the growth of credit to the private sector has remained low.

He pointed out that CBN’s liquidity operations and rising reserves have pushed money market rates down, urging more measures to effectively raise the country’s revenue, stabilise growth of the economy and foreign exchange issues.”Remove multiple currency practices, restrictions on foreign exchange access for 40 categories of goods, unify foreign exchange market and continue strengthening external buffers,” he said, adding that inflation tends to be significantly higher in countries with multiple exchange rate systems.

Earlier in his opening remarks, FMDA President, Samuel Ocheho, said the group will continue to play a major role in promoting economic growth, by attracting local and foreign investments, as well as enabling participations of various investors in the financial market.

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Customs Corner

JBPT Sector 2 Records Seizures Worth N1.6 Billion Within Six Months

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Author: Abass Quadri.

The Joint Border Patrol Team (JBPT) Sector 2, Southwest Zone, has recorded seizures of illegal goods, with a Duty Paid Value of N1.6 billion.

Deputy Comptroller Mohammed Shuaibu in charge of JBPT Sector 2, availed the team’s activities under his stewardship in a press briefing held at Abeokuta on Wednesday, 24 April 2024.

The coordinator noted that the team’s area of responsibilities, which covers all six southwestern states, is mandated to “curbing anti-smuggling activities, channelling of procedures, and combating other cross border crimes that threaten Nigeria’s national and economic security.

“The sector wishes to announce the seizures of illegal goods, which include Cannabis Sativa, secondhand clothings, and means of conveyance smuggled into the country with a Duty Paid Value of N1,663,646,360 and petroleum products valued at N52,486,215 which were auctioned out due to their inflammable nature.”

According to him, the seized goods were recorded between November 2023 and April 2024, adding that “no fewer than 15 suspects were arrested with some charged to court and others prosecuted”.

Handing over the seized Cannabis Sativa at Ogun II Command to the representative of the National Drug Law Enforcement Agency (NDLEA), Deputy Commandant Narcotics Ogun state, Nnyigide Alexander, DC Shuaibu commended the dedication, doggedness and professionalism of officers involved in the interception of the substances which would have caused more security threat.

On revenue generation, the border drill coordinator stated that N36,318,727 was generated through the issuance of Demand Notices (DN) on vehicles and other goods improperly imported into the country.

Receiving the seized Cannabis Sativa, DC Alexander thanked Shuaibu for his hard work, adding that this synergy fulfils the existing Memorandum of Understanding (MOU) between NCS and NDLEA.

In his words, “I feel highly happy that we are doing what we call sister agency collaboration, which has led to the result we have here. I expect to see more in the future because I know they are capable.”

Similarly, DC Shuaibu, who was also on a working visit to Seme and Ogun 1, Idiroko Area Commands, also handed over seized Cannabis Sativa to representatives of the NDLEA at Seme.

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Customs Corner

Customs Sensitise Retired Senior Officers on Automated Retiree Verification System

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Customs Sensitise Retired Senior Officers on Automated Retiree Verification System

By Muhammad Bashir

The Nigeria Customs Service (NCS) commenced the sensitisation program on Monday, 22 April, 2024, for the enrollment of an automated retiree verification system for high-ranking officers who have retired from the Service.

The programme, the first of its kind, was designed to serve as a platform through which all retired Deputy Comptroller Generals (DCGs), Assistant Comptroller Generals (ACGs), and Comptrollers could be electronically verified to modernise the analogue process of benefits application for retired officers.

Addressing the retirees at the Customs Headquarters in Abuja, the Comptroller-General of Customs, Bashir Adeniyi, represented by Deputy Comptroller-General of Customs (DCG) in-charge of Finance Administration & Technical Service, Festus Okun, described the initiative as timely and assured them of a seamless verification exercise.

He said, “Esteemed retirees, it is with great honour that I address you today on behalf of the Comptroller-General of Customs, Bashir Adewale Adeniyi. This initiative to engage in a seamless verification exercise is timely and proof of the service’s commitment to ensuring your welfare and well-being after years of dedicated service to the Customs Service.”

“We understand the importance of this verification process in ensuring that you receive the benefits and entitlements you rightly deserve. Rest assured, we are dedicated to making this process as smooth and efficient as possible, with the utmost transparency and accountability.

“As Deputy Comptroller-General of Customs overseeing Finance Administration & Technical Service, I assure you that your concerns and needs are our top priority. We value your contributions to the Customs, and we are committed to supporting you in every possible way as you transition into retirement. Thank you for your service, and we look forward to assisting you through this verification process.”

During the verification exercise, some retired officers who voiced their feedback applauded the initiative, stating, “This positive reception emphasises the significance of this endeavour in streamlining access to benefits and entitlements, reaffirming the dedication to serving retirees with the utmost care and diligence.”

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Customs Corner

Compt Awe Charges Officers On Performance Towards Increased Revenue Generation

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Compt Awe Charges Officers On Performance Towards Increased Revenue Generation

By Femi Anamelechi

Comptroller Michael Awe, in charge of Murtala Muhammed Airport Command, has called on officers and men of the command to rededicate themselves to duty to ensure an increase in revenue generation.

The new Customs Area Controller (CAC), while addressing officers at his inaugural parade at the command on Wednesday, 24 April 2024, called for synergy and cooperation of officers while also warning against any act of sabotage.

He said, “I need your synergy not less than 100% and above. You can do your job diligently with diplomacy, and you will achieve results. Please, and please, try to strategise to ensure your objectives are achieved. Your examination should be 100%. Our pledge is to surpass what we have been generating monthly and daily.”

The CAC also noted the need for all officers to ensure due diligence and maintain discipline in their official duties, as it is the only way to increase revenue generation.

Stating further, Comptroller Awe assured regular appraisal and commendation of officers based on outstanding performance.

“Henceforth, any officer that performs very well, either monthly or quarterly, will be appraised and commended,” he noted.

The Area Controller also urged officers to always dress properly and smartly in the official uniforms approved by the Nigeria Customs Service so as to attract self-respect and dignity.

He assured of a rewarding work relationship with their cooperation.

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